Jordan, Kuwait reschedule debts

Jordan

Published: 2018-09-21 15:08

Last Updated: 2018-09-22 09:04


The agreement comes in alignment with Kuwait’s willingness to help reducing the economic challenges imposed on the Kingdom
The agreement comes in alignment with Kuwait’s willingness to help reducing the economic challenges imposed on the Kingdom
Roya News Source

Secretary general of the Ministry of Planning and International Cooperation, Ziad Obeidat, and the Kuwait Fund for Arab Economic Development (KFAED) operations department director, Marwan Ghanim, signed an agreement on Thursday to schedule debts of $300.7 million, Prime Ministry reported.

Obaidat said that the agreement comes in alignment with Kuwait’s willingness to help reducing the economic challenges imposed on the Kingdom due to the turbulence in the Middle East.

The agreement included the rescheduling of Jordan's 17 loans with a total value of $300.7 million to be repaid over 40 years, including a grace period of 15 years at an interest rate of 1 percent. 

Obaidat praised the strong bilateral ties between the two countries, and voiced his appreciation to the KFAED’s role as "key partner" in supporting the Kingdom's development through offering loans since 1962.

On his part, Ghanim lauded relations between the two countries, voicing Kuwait's full support to Jordan to face challenges imposed on the Kingdom by the region's instability and global financial crises.

It is worth mentioning that the agreement comes in alignment with the Jordanian government's economic reform efforts to overcome the economic difficulties facing the Kingdom.